In 2021, Nigeria’s economy is projected to grow by 1.8% according to the world bank’s baseline scenario. If the government fails to maintain recent macroeconomic and structural reforms, the pace of economic recovery could slow, and GDP growth may reach just 1.1 percent in 2021.
With Africa’s most populous country already grappling with high unemployment among its citizenry, many experts and analysts have argued that blockchain technology – the transparent and permanent ledger that underpins almost every crypto platform – could drive economic growth among such nations.
Blockchain technology could be a catalyst for the region’s dwindling economy to grow.
There have been many initiatives to seamlessly integrate blockchain technology for governments, individuals, and organizations, but only a few have targeted the African continent specifically.
From $3 billion in 2020 to over $39.7 billion by the end of 2025, the global blockchain market is expected to grow rapidly.
AFEN Blockchain Group, a pioneer in the blockchain-related solutions industry, has determined to be a key contributor to this figure by developing three crucial areas of the continent — arts, real estate, and education.
This blockchain solutions platform is led by Deborah Ojengbede, the former banker who gained fame after raising $1 million for AFEN through a private sale.
With a series of partnerships, a nascent blockchain platform is strategically positioning itself as a major player in the burgeoning African crypto market.
With its Marketplace, one such consortium will sell an array of African heritage, artifacts, and digital collectibles from some of the most creative African content creators.
This initiative will bring together creators from all over the continent to collaborate with AFEN for the purpose of launching and auctioning non-fungible tokens on the AFEN Marketplace.
Due to the commercialization of digital arts that gained approval and demand from the art community, NFTs have seen significant growth. Digital natives have access to the art market thanks to NFTs.
Digital art is a subset of art purchases, which is accessible to virtually everyone online and is not limited to the artistic elite. As a result, creators can reach a broader audience and make more money.
NFT sales are mostly conducted via crypto assets, but in Nigeria, there are official restrictions and regulations that apply to the volume of trades. Nigeria banned financial institutions and banks from processing cryptocurrency payments in February.
Regardless, market pundits believe that Nigeria’s NFT space has the potential to propel Nigerian artists to the global stage if local digital art curators emerge in the coming years.
In Africa and Nigeria, there are many great artists working in the area of physical art, which is why I encourage them to learn more about the opportunities NFTs provide
As the world embraces virtual currencies and digital assets, it is anticipated that NFTs in Nigeria will continue to grow in popularity and attract even more attention despite facing some headwinds.